EUR/USD Technical Analysis: Interim hurdle emerges at this week’s tops near 1.1420

• EUR/USD remains largely sidelined despite the current bullish attempt to the 1.1390 region on the back of a mild rebound in flash CPI figures in the euro area.
• If spot manages to resume the upside, it should meet the immediate hurdle at the vicinity of 1.1420, or weekly highs, ahead of the more relevant 1.1450, or March tops.
• This important hurdle is considered the last defence for a visit of 2019 highs in the 1.1550/70 band.
• Of note, however, is the bearish ‘outside day’ charted yesterday, which could be a prologue for a move lower in the next days, particularly if spot fails to re-test/surpass recent tops above 1.1400.

EUR/USD daily chart